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Hi I just turned 49 and have Diabetes. I am looking into Long Term Care Ins because I want to stay in my home. I have worked in this field for many years and have seen some of the ups and downs of Elder Care. I currently work with Developmentally Disabled Adults and see all the challenges their family's face every day. I don't want my husband to be worried about my care should I need it and I have no children and do not want to burden my family later in life. So I am starting to do research and want to here what other people have to say.
Hi I just turned 49 and have Diabetes. I am looking into Long Term Care Ins because I want to stay in my home.
Unfortunately, I believe that most insurers won't sell you LTC insurance if you have a pre-existing condition such as diabetes. If you do find one that will, I would think that your premiums would be prohibitively expensive. I last looked into it a few years ago, so things may have changed since then. Good luck with your research.
Saw a financial adviser not long ago and asked him about LTC ins... he was not recommending it! It is I think for the situation in which you want to protect your assets. In VA there is a partnership where, if you outlast your LTC benefits, the state will pick up at that point -- since you had made the effort to take care of yourself by purchasing and paying for a LTC policy. In the eventuality I need this level of care at some point, guess I would spend down all I have to pay for it. This topic speaks to the situation that we all dread: loss of our independence, inability to take care of ourselves.
I have a LT policy with John Hancock that costs me about $100 a month. I took it out at 55. It will cover nursing home, hospice and home health services not provided through Medicare. Had an additional, much more expensive policy that my employer paid during my working life but it would have cost me about $400 a month to continue payments on that policy and I decided that my JH one was sufficient.
I will never purchase LTC insurance because I will never consent to live in a nursing home. I would find some way to end it all. Nursing home = a fate worse than death. And after all, death is the fate of all of us. We will all die, but we will not all end up in a nursing home.
I will never purchase LTC insurance because I will never consent to live in a nursing home. I would find some way to end it all. Nursing home = a fate worse than death. And after all, death is the fate of all of us. We will all die, but we will not all end up in a nursing home.
LTC is not all about paying for a nursing home. In fact, one of the main purposes of purchasing LTC insurance is to be able to stay in your own home with nurses and or other caregivers coming to you.
LTC is not all about paying for a nursing home. In fact, one of the main purposes of purchasing LTC insurance is to be able to stay in your own home with nurses and or other caregivers coming to you.
Good clarification, and thank you. However, for me personally, I would feel the same way about continuing if I had to have someone help me bathe, dress, etc. It's just inconceivable.
LTC is not all about paying for a nursing home. In fact, one of the main purposes of purchasing LTC insurance is to be able to stay in your own home with nurses and or other caregivers coming to you.
The policy my mother has won't pay in home, it didn't pay until six months after she was in a nursing home. So I guess you really have to do your homework
Anyone with pre-existing conditions is out of luck. In my case, i tried to buy a long term care policy about 8 years ago at age 60. Had to be interviewed by a nurse. As soon as the insurer learned I had been diabetic for the previous 5 years, I was immediately denied.
The purpose of insurance companies is to make money. They can't do that by insuring anyone who shows evidence of medical problems. We are a bad risk. So they will deny coverage or price you out of the market with the cost of the premiums.
My goal right now is to have enough money in the event I need help at the end so I can pay for it myself. It not, guess I will just have to move to Oregon!!
My mom applied for LTC insurance when she was about 70 but was turned down. She's had no major health problems but they based their denial on a single incident. She was visiting my brother's house and got up at night to go to the bathroom. In a strange house in the dark she took a tumble down the stairs. My brother and sister-in-law rushed her to the emergency room and miraculously there were no broken bones or other injuries. Because my sister-in-law reported that my mom didn't know where she was when they first picked her up off the floor, the emergency room doctor wrote it up as a "transitory ischemia incident" and the LTC folks used that as grounds for denial. Who wouldn't be disoriented after a tumble down the stairs in the middle of the night? She's had no such problems since, and I hope she'll never need LTC. My uncle bought the insurance but died without using it. As a matter of fact, the only one of my grandparents, aunts, uncles, etc who might have been able to use it was my mom's mother. Most of the rest of them died of various cancers that took them very quickly without extended care. I have LTC insurance because I have no children and don't want to put any burden on nieces or nephews, whether I'll actually need it or not only time will tell.
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